Thanks to substantial investment into the digitalisation process, the world has become more connected than ever before. Notably, the global Internet penetration rate has reached over 63%, and the number is quickly growing — a trend further accelerated by the COVID-19 pandemic with the rise of increasing remote work, more Internet usage, and constant connectivity. Consequently, the data generated by users’ activities have been predicted to grow over eight times by 2030.

Human beings are not the only ones more digitally connected; devices and machines also communicate more frequently and seamlessly. From daily household appliances such as smart toasters and hairbrushes to large-scale modern factory equipment, all things are inserted with increasingly sophisticated chips and are connected to the web application and the Internet to become part of the Internet of Things (IoT).

The connectivity among devices opens endless opportunities for data connection, analysis, automation, and efficiency optimisation.

The ingrained trade-off between product performance and energy consumption

Nevertheless, amidst growing concerns over sustainability issues caused by business activities and human consumption, there exists a rising problem: our penchant for more data and connectivity also results in a considerable increase in carbon footprint due to higher energy consumption to power all the devices used to create, store, and evaluate big data. This means that to enable higher performance, the equipment must consume more energy which eventually increases its environmental footprint.

At the Harnessing IoT and Data for a Sustainable Future session at the Singapore Week of Innovation and Technology 2022 (SWITCH 2022), Charles Vaillant, CTO of MANN+HUMMEL Group, a leading privately owned corporation in the field of filtration in Germany, expressed that “During our company’s history, we are very keen on technology, and our way of working focuses on innovating products to improve water, air, and mobility. All of our products are designed for the noble purpose of protecting people and protecting assets.”

Also read: Airwallex: making business transactions easier than ever with physical cards launch

Vaillant added, “To function, they need the energy to push the water through a membrane or air through an HVAC system. As a result, two areas are always important for us. The first concern is the product’s performance, particularly how good it is and what else can be done to enhance its performance, allowing it to better track and separate the harmful from the useful. Second, ensuring that the products consume the least energy is essential. And most of the time, this is a big challenge because if you want the product to perform well, it often utilises a lot more energy.”

In fact, the perceived inherent trade-off between product performance and energy consumption has become a significant constraint for many ICT (Information and Communications Technology) and industrial products, prompting the producers to reconsider various factors, including product design, energy availability, and different optimisation frameworks with selected features and functions. Greater energy usage levels are often linked to higher greenhouse gas emissions, resource depletion, and harmful waste discharges to the environment during the extraction, energy production and usage process, polluting the environment and threatening sustainability.

The power of IoT and data in enhancing sustainability

Fortunately, according to Accenture, despite their shortcomings, IoT technologies and data present new valuable opportunities to develop functional and eco-friendly applications such as smart energy metres, health monitoring, smart fleet management, traffic management, and so on.

IoT technologies allow devices connected to the same network to communicate and share data, which subsequently provide valuable insights into the whole process to optimise the activities, saving time and energy as a result. Companies leveraging these new IoT technologies have significantly improved their technical solutions to reduce carbon emissions. Nearly 85% of existing IoT-related projects have consistently incorporated the UN’s Sustainable Development Goals in their long-term objectives, maximising energy efficiency and taking advantage of newly available renewable materials.

Also read: Lalamove’s Customisable Solutions: a game-changer for delivery

More than that, sharing the same vision for a greener and healthier world, companies across sectors have joined hands to develop innovative solutions that harness IoT technologies to solve complex sustainability challenges. For instance, CTO Charles Vaillant shared about MANN+HUMMEL’s cooperation with Audi in a joint effort to improve air quality with Audi products.

“Audi announced that they’re working with us on a concept where they integrate filters in the front of the car to collect and filter particulate matter in the surrounding air while driving or charging. With this pilot technology, when the electric car is driven through the city or charged at the station, it consistently and systematically gathers and absorbs the minute particulates discharged by itself and nearby vehicles immediately when the emissions are generated. This innovative solution thrives on the capability of IoT technologies and addresses the issue of the fine specks of dust produced frequently by the vehicles’ brake and tire,” said Charles Vaillant.

Partnerships are key when employing IoT and data to foster sustainable solutions

Pushing for sustainability is vital in supporting Asia’s future, as 92% of the region experiences air pollution while 300 million people in Asia lack access to clean water. Additionally, Asia is at the epicentre of climate change effects which can erode up to $4.7 trillion of the region’s GDP due to the impacts of hurricanes, floods, droughts, and other unpredictable climatic events.

Collaboration with leading global innovative solution providers is crucial to curb these sustainability risks and accelerate knowledge exchange and technological transfer. International companies such as MANN+HUMMEL have strengthened their cooperation with other partners in Asia, including established organisations and startups to bring about cleaner air, buildings, mobility, and water.

Also read: Gamifiying education: Soqqle takes schooling to the metaverse

For instance, MANN+HUMMEL currently provides corporate venture investments to invest in startups with a promising financial return and strategic fit in the region. Moreover, it also seeks to form peer-to-peer relationships with other companies. Specifically, MANN+HUMMEL can provide solutions and technical know-how to support Asian startups to scale up and enhance their products and services. Similarly, MANN+HUMMEL can licence and use the startups’ technologies to improve its products for customers at home.

With exciting new developments, IoT and Data are poised to change the game for the future of sustainability in Asia and beyond!

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This article is produced by the e27 team, sponsored by MANN+HUMMEL

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Ohmyhome files for up to US$16.5M IPO in the US
The company is looking to offer 3.3M shares at a price of between US$4 and US$5 apiece; In the filing, Ohmyhome said it logged US$2.4M in revenue for the six months that ended June 30 this year, up from US$1.7M in 2021.

Indonesian agritech firm Sayurbox cuts 5% of staff
The agritech company said that the decision is one of its efforts to solidify ‘financial independence’ and ‘sustainable long-term growth’; Sayurbox is a farm-to-table distribution platform for fresh produce.

Vietnam EV maker VinFast files for US IPO to fuel global expansion
It hopes to compete with legacy automakers and startups in the US with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

Singapore-based Glints lays off 198 (18% of) employees
The decision is based on ‘market conditions and business priorities’; The development comes after the startup raised US$50 million in a series D funding round in August.

Animoca Brands acquires US-based music metaverse company Pixelynx
Pixelynx creates a physical and digital ecosystem for artists and fans by building products that blur the lines between music, gaming, and Web3; Animoca invested in Pixelynx’s seed round in Dec 2021.

ShopBack bags US$30M to close Series F round at US$200M
The investor is Australia’s Westpac Banking Corporation; ShopBack plans to launch new products for users, develop growth and payments solutions for merchant partners, and expand into new markets.

Osome rakes in US$25M Series B to grow its accounting solutions beyond SG
The investors include Illuminate Financial, AFG Partners, and Winter Capital; Osome helps SMEs set up through a simple platform with easy-to-use software and an expert accountant to take care of financial admin.

Temasek-backed Haulio acquires Indonesian logistics startup Logol
Haulio makes moving containers on land more efficient, whereas Logol streamlines data entry for logistics players, enabling shippers and haulers to connect to others within the supply chain.

SG crypto firm Amber Group lays off hundreds of staff
This news comes after the firm was reportedly seeking funding at a valuation of US$10B in May; It last raised US$200M in February this year; The group previously cut 30-40% of its headcount in September.

BAce Capital advises founders to chase value, not valuation
Managing Partner Benny Chen suggests that all founders review their cost structure and improve operational efficiency; Founders should also consider how an economic crisis affects their competitors.

UnaBiz raises more funding to close Series B round at US$50M
The investor is Japan’s Toyota-backed SPARX Group; The IoT firm will invest the capital in R&D to enhance the core low-power 0G capabilities and enable cost-effective long-range connectivity dedicated to very low-value assets.

Malaysia’s Paywatch bags US$9M for Philippines, HK expansion
The investors include Third Prime, Hana Ventures, and Parkwood Corp; The earned wage access service company claims its solution has reached a 50 per cent engagement rate among its Malaysian users this year.

IMDA launches US$3.7M fund for SG media industry
Virtual Production Innovation Fund aims to support the media industry in harnessing virtual production tech, which uses LED screens powered by a video game engine to create realistic backgrounds for TV or movie production.

FinAccel adds former Slack CFO to board
While at the professional messaging platform firm, Allen Shim helped build Slack’s finance and operational function and oversaw the acquisition of Slack by Salesforce.

Why blockchain is instrumental for the future of trade finance
Conducting transactions through blockchain entails digitalising the documentation created, exchanged, and processed by the various stakeholders in a supply chain.

Binance in talks to acquire ID crypto exchange Tokocrypto
Sources said Tokocrypto will likely see layoffs following the takeover; In September, the Indonesian firm laid off 45 employees or about 20% of its workforce.

Ex-Binance execs’ investment firm OFR backs HK Web3 platform Sprout
Sprout combines on-chain and off-chain ownership information for equity, token wallets, cap tables, and team compensation on a central platform; In March, Sprout raised US$3M in seed capital.

A strategic sale or IPO likely over the next 3-5 years: Igloo CEO Raunak Mehta
CEO Raunak Mehta says Igloo is evaluating several M&A opportunities across SEA and looking at closing multiple deals over the next year.

‘Bring your most authentic self to the table whether at home or work’
CEO and Head of School at NewCampus Will Fan talks about his journey of building the next hundred-year-old brand; Finding authenticity may take five, ten, or twenty years; Don’t rush it.

How I dealt with the biggest betrayal of my entrepreneurial life
I’m not a high-growth startup Founder, but I’m sure many could identify with my journey and struggles just the same: Yuhwen Foong, Founder at SushiVid.

How to get more constructive (negative) customer feedback and why
Negative feedback is necessary to help you understand how your customers actually feel and the areas where your business can improve.

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What happened recently in the crypto space felt like the timeline of a year of events. In less than a week, Sam Bankman-Fried (SBF) has become the talk of the town. FTX, valued at over US$32 billion, has filed for bankruptcy.

How did it all begin?

Alameda Research started in 2018 as a small hedge fund. They raised debt from investors, promising “high returns with no risk”. FTX concluded its seed round by raising US$8 million and launched in Q3 2019.

There was no denying that Alameda contributed heavily to FTX’s volume in its early days. As FTX continued to grow at an exponential pace, they capitalised on the DeFi hype by creating Serum, a decentralised exchange on Solana.

Alameda’s job as a market maker was to boost liquidity in the market and maintain delta-neutral strategies. However, realising that their edge slowly eroded, Alameda began to assume highly degenerative leveraged directional bets in crypto.

FTX, Alameda and the multi-billion dollar hole

As the tokens were all traded at thin circulations, it was an easy feat for Alameda to manipulate the price higher on FTX to beef up its balance sheet. Alameda created the illusion of a sizable balance sheet which they leveraged as collateral to borrow heavily and fund directional bets.

As the market plummeted this year, Alameda could not repay the borrowed money as their collateral was illiquid, leading to margin calls. This led to the theft of FTX users’ funds to attempt to put out the fire.

Also Read: ‘From a cybersecurity perspective, the Asian market still uses legacy tools’

Coindesk released an article two weeks ago regarding Alameda’s balance sheet, citing that a huge part of its US$14.6 billion assets is issued by the FTX team itself. In light of revelations regarding Alameda’s balance sheet, CZ announced that Binance would liquidate their entire $FTT holding, which equates to more than US$580 million at that point in time.

As of 7 November 2022, approximately US$450 million worth of stablecoins left the exchange in the past seven days. Herd mentality participated in fear-mongering, inducing a bank run and the bankruptcy of FTX soon after.

Security and custody

As the saying goes, “not your keys, not your coins” security is important. However, there is an apparent lack of security awareness among investors today.

We have identified three key factors to consider when securing your coins:

Ensure they are offline

We have all heard about hackers, viruses, social engineering and more. A simple way to prevent others from stealing your coins is to take them entirely offline and store them in a cold wallet.

This way, your device will never be connected to the internet, and you will never download any malicious files to that device. By connecting your computer to the Internet, you allow yourself to be vulnerable to any form of hacks that could come your way.

Keep your device safe

Any device that you use to store your coins can be lost or damaged. It is important to have backups. A fuss-free example is writing down your seed phrase on a piece of paper.

However, that piece of paper could be burnt during a house fire, misplaced, or read by others.

Bequeathing – Pass them to your loved ones

Estate planning is needed should something happen to you unexpectedly. Many exchanges or banks will not allow the transfer or sale of your crypto holdings and will withhold them until ownership is proven.

Also Read: Strengthening cybersecurity measures in the face of Web 3.0

Proving ownership legally (including the source of wealth and source of funds) is difficult, given the uncertainty of probate in different jurisdictions.

Key lessons

There has been a myriad of catastrophic events in 2022 alone, and the recent one has proven to be the most unsuspecting yet arduous challenge. Security and self-custody are no strangers to anyone in this space by now.

We have seen time and time again how centralised entities halt withdrawals to cope with a potential bank run. Users’ funds that are on the platform are now stuck and plausibly gone forever. Some of them had a majority of their net worth on these platforms.

By working with a licensed fund manager in a major financial jurisdiction, one eliminates most of the regulatory and security risks when investing in Bitcoin.

Fintonia Group is a Singapore-based fund manager regulated by the Monetary Authority of Singapore with a provisional license in the Virtual Assets Regulatory Authority in Dubai.

We comply with strict standards and regulations regarding client funds and with proper due diligence conducted on the management team to ensure adequate experience and qualifications in terms of risk management.

Fintonia Group works with insured and licensed third-party custodians with state-of-the-art security measures where Bitcoins are stored in cold wallets. The client’s funds are segregated and not co-mingled with Fintonia funds, as required by regulations.

Fintonia Group’s institutional-grade funds were created for professional investors looking for direct exposure to Bitcoin, allowing them to gain exposure to Bitcoin and store them in segregated cold storage vaults.

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Singapore-based Ohmyhome has filed for an initial public offering (IPO) in the US at about US$88 million valuation, according to multiple reports.

The property-tech company seeks to raise up to US$16.25 million and offer 3.25 million shares at a price range of US$4-5 apiece.

The shares will be listed on the Nasdaq under the ‘OMH’ ticker.

Spartan Capital Securities is the lead managing underwriter and book-runner for the IPO.

Also read: Ohmyhome aims to tackle lack of transparency, unreliable agents issues in Filipino realty market

In the filing, Ohmyhome said it clocked US$2.4 million in revenue H1 2022 compared to US$1.7 million in H1 2021. Its net loss in H1 2022 doubled to US$700,000 from US$365,000 last year.

Started in September 2016 by sisters Rhonda and Race Wong, Ohmyhome connects buyers and sellers directly at no cost. The platform boasts features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience. It operates on a hybrid model — a do-it-yourself (DIY) platform and fully-fledged agency services.

The company has operations in the Philippines, Singapore, and Malaysia.

In August last year, Ohmyhome secured US$5 million in financing from local investor Swettenham Blue. Two years earlier, Ohmyhome raised US$2.9 million in a Series A round led by Golden Equator Capital.

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Much like Singapore, Dubai is an SME-driven economy — or at least it traditionally was. Both countries, even as smaller markets in their own right, open up the gates to much larger markets in their respective regions. Both have been equally obsessed with quickly adopting new technology. 

But the demographic of their population is what starkly sets them apart. Dubai is made up of nearly 90 per cent migrants versus Singapore has about half of that. 

Both compete with each other for the inflow of VC capital, banking HQs and even tech talent in the race to become the best global city in the world. And while there is no one clear winner, Dubai has moved quickly in the Web3 world.

Making Dubai a Web3 favourite

In May 2022, Bloomberg reported that former Singapore MP, investor and entrepreneur Calvin Cheng established an NFT and fan token investment holding company in Dubai. Via the Calvin Cheng Web3 Holdings FZE, he invests in projects to integrate crypto into fashion, media and entertainment.

Also Read: RareSkills to help Web3 engineers harness their potential

At a time when the government in Singapore told crypto players in the country to stop advertising their services to retail investors, along with other regulations; Dubai announced its new Dubai Virtual Asset Regulatory Authority (VARA)– for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories (excluding DIFC), and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law.

VARA is designed as the world’s first participatory-governance model, where industry innovators and market shapers share responsibility with policymakers to create a more democratic and borderless economy. Cheng also said that a regulator like VARA is well-positioned to establish Dubai as the leading global centre for digital assets.

Thus even amidst crypto winter, Web3 entrepreneurs and enthusiasts are looking for places where they are welcome, supported and provided various benefits to develop applications and better use cases on the blockchain. Blockchain investor and founder of TDefi, Gaurav Dubey said Dubai has the upcoming infrastructure, regulation and, most importantly, access to banking for Web3 projects to set up shop in Dubai.

Similar to how India’s Web 2 entrepreneurs registered companies such as Flipkart, Ola, and InMobi, in Singapore, for ease of business, India’s Web3 entrepreneurs are now registering businesses in Dubai. Entrepreneurs have cited advantages such as networking opportunities, no restrictions on innovation, access to global opportunities and access to resources for moving base to Dubai to set up Web3 startups. 

The strength of this move was endorsed by the pioneers of the Web 3.0 economy showcasing at Gitex Global in Dubai in October 2022– like the Thumbay Group’s full-fledged virtual hospital in the metaverse to provide patients with an immersive healthcare experience; The Sandbox co-creating with UAE brands such as Atari to launch gamified experiences etc.

While the recent layoffs and scandals mar the Web3 wave, Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said, “while in some places, you are guilty until proven innocent. In the UAE, you’re innocent until proven guilty,” to display their confidence in this sector and their desire to move ahead.

Attracting tech talent

2.5 billion people live within four hours of flight and two-thirds of the world’s population lives within an eight-hour flight from Dubai. Thus making it a special location to be able to tap into consumers and talent.

Also Read: The future of recruitment in Web3 era

The government is taking a number of steps to try and support SMEs and the venture capital ecosystem. The government has launched funds to invest in SMEs ranging from US$100- US$270 million. Hadi Badri, CEO of the Dubai Department of Economy and Tourism said Dubai’s growth market intends to allow for businesses that have a relatively young track record and tap the public markets under certain guidelines and certain requirements. 

And at the heart of it all is talent.

Abdulla Bin Touq Al Marri, UAE Minister of Economy said the “fuel” for any economy is talent, while the UAE is making investments in research and development and supporting talent development through its focus on science and technology. The ministry is forging a business environment that attracts investments, tourism and talent, and stimulates research, development, and innovation with incentives like the golden visa.

Under the scheme, digital companies get faster business licensing and easier access to banking and financing. Employees can be offered 10-year UAE residency “golden visas” and in some cases, the program– which unifies government bodies, free zones and institutions — helps find accommodation and admissions to schools, said Minister of State for Foreign Trade, Thani Al Zeyoudi said in an interview.

It allows foreigners to work, live and study without needing a UAE work sponsor in a country where expatriate residents, which in the current recession-struck environment can prove to be handy; especially when it doesn’t have to worry about protection from local workers like Singapore.

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Image credit: DTE

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